Multi-family and single family home builders are coming back to Payson, and not a moment too soon. The housing inventory in Payson is low. I have read of instances of people having difficulty even finding a place to live.
CoStar puts multi-family vacancy rate in Payson at 0%. With rates of course increasing.
If you are an owner of commercial property you may not see the importance of these new developments to you. You may also wonder, since I focus on commercial properties only, why am I so excited about all these new residential building projects starting up again?
A couple of reasons are:
It’s much easier to attract a business to relocate or open a branch in Payson and purchase or lease your property if the cost of rent or purchasing a home is within reach for the employees of that business.
Another reason is the abundance of affordable housing will enable young people to be able to live in Payson, which will better stimulate the local economy as young growing families have a tendency to spend more of their disposable income compared to older empty nesters who are more inclined to save their money. Causing an opportunity for more new businesses to locate here as well.
Commercial builders will no doubt eventually follow, obviously if you have commercial property you would like to sell or lease, an aggressive targeted marketing campaign is important to your success.
Simply listing and advertising a commercial property similar to how you would to sell or rent a house, might work eventually, but if “eventually” is too long, you may be competing with nice shiny new commercial buildings in the market.
Let me know how I can help with your commercial real estate needs.
The views and opinions expressed in this commentary are those of Richard D Chapin, PLLC as of the date of publication and are subject to change, and do not necessarily reflect the views of Arizona Elite Commercial Properties and/or its affiliates.
This information is for informational purpose and not intended to be investment advice, and should be explained to you in detail. You should always feel free to consult a legal and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.